Miami has overtaken New York Metropolis and the San Francisco Bay Space because the nation’s hottest marketplace for $30 million-plus houses, as rich patrons proceed pouring into low-tax Florida.
A complete of 24 single-family houses and condominiums in Miami-Dade County offered for greater than $30 million through the first six months of 2026 — practically double the quantity from the identical interval a 12 months earlier and sufficient to place the market on tempo to eclipse final 12 months’s file of 33 such gross sales, in response to Bloomberg Information, which cited actual property analytics agency Analytics Miami.
New York recorded 17 residential gross sales of greater than $30 million through the first half of 2026, in response to Olshan Realty’s luxurious market report cited by Bloomberg, whereas Miami-Dade logged 24. There have been 9 such transactions within the San Francisco Bay Space.
Luxurious actual property dealer and “Million Greenback Itemizing Los Angeles” star Josh Flagg stated demand stays sturdy even throughout what’s usually South Florida’s quietest season.
“I’ve my home in Miami available on the market proper now for $10 million on North Bay Highway,” Flagg instructed The Put up.
“We’re getting showings each single day, which says rather a lot contemplating it’s summertime and most of the people will not be on the town or shopping for actual property in Florida through the summer season.”
The surge comes even after the Miami-Fort Lauderdale-West Palm Seaside metropolitan space just lately overtook larger New York Metropolis on the Bureau of Financial Evaluation’ newest Regional Worth Parities report, a federal measure of regional value ranges that compares the price of a broad basket of products and companies.
Even so, South Florida continues to lure prosperous patrons seeking to escape larger taxes and what some see as more and more unfriendly enterprise climates in states equivalent to New York and California.
The Put up was the primary to report this week that Charles Kushner, the actual property developer and father of President Trump’s son-in-law Jared Kushner, was leaving New York Metropolis and decamping to Florida because of Mayor Zohran Mamdani’s alleged antisemitism.
Kushner was additionally essential of Mamdani’s focusing on of hedge fund billionaire Ken Griffin.
Simply earlier than New York Metropolis enacted a tax on pieds-à-terre, Mamdani touted the proposal with a video through which he stood simply outdoors of Griffin’s penthouse at 220 Central Park South.
“You recognize, Ken Griffin labored arduous to earn all that cash,” Kushner instructed The Put up. “He took loads of danger to earn all that cash. That’s what America’s about.”
Griffin responded to Mamdani’s publish by pledging to “double down” on Miami, including that his firm, Citadel, would transfer extra jobs to South Florida as an alternative of New York within the subsequent decade.
“Persons are recognizing that their earlier locations of domicile are seeing a rise in insurance policies which are detrimental to their wealth and companies,” Ana Bozovic, founding father of Analytics Miami, instructed Bloomberg Information.
The South Florida market has exploded from simply two gross sales above $30 million in 2019.
However brokers say New York’s rich aren’t the first pressure behind the most recent wave.
As a substitute, a lot of the momentum has come from California billionaires and different prosperous residents on the lookout for a foothold in Florida forward of a proposed poll measure that will impose a one-time 5% tax on billionaires, in response to Douglas Elliman agent Dina Goldentayer.
That group consists of tech heavyweights Larry Web page, Sergey Brin and Mark Zuckerberg, all of whom bought South Florida properties inside a roughly two-month span this 12 months, Bloomberg reported.
Brin paid $51 million for a waterfront property on Miami Seaside’s Allison Island in March, in response to public information cited within the report.
Flagg, who owns houses in Florida, New York and Beverly Hills, stated Florida isn’t the suitable match for everybody, significantly these with deep roots elsewhere.
“Not lots of people who’re born and raised in Los Angeles…are prepared to depart California simply to avoid wasting a couple of dollars on taxes,” he stated. “However for lots of people who transfer round or have an affinity for Florida, it’s a no brainer.”
“It’s principally the identical as California, however with just a little bit extra unpredictable climate and decrease taxes,” Flagg stated.
